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Update a Budget: Remove Budget and Replace w/Placeholder

How and when to remove an existing budget on a property and reset the budget status to a Placeholder - For loans in Servicing

Primary Departments Supported: Servicing

Super Powers Needed? - NO 

Dev Support? - YES 

Common Situations 
    • Many times after a loan enters Servicing, the servicing team or the borrower will want or need to make changes to the existing budget attached to the property.
    Important Considerations & Best Practices 
    • Servicing MUST do a Budget Re-allocation if there are any changes to total/grand total amounts, funds have been disbursed for that property or if there are any active or voided draws attached to that property. 
    • Always obtain a copy of the updated budget
      • The total budget amount for that property should be replaced to the penny ie just moving money between lines.  
    • On the Budget Tab, review the Disbursed column for the budget
      •  This must show $0.00
    • On the Draws Tab, check for any active requested, and voided draws on that property
      • There should be none  
    Instructions:

    Submit a task to the Developers to remove the approved budget and set a placeholder 

    Asana Task Guidelines:

    1. Task Name (should match the name of the HubSpot Ticket): An easy way to name the ticket for identification (include loan number or numbers when applicable)

      1. Tip: Change the Name of the HubSpot Ticket before marking it for Dev Support

    2. Developer Description: Where/What: Specific instructions ask the developer for exactly what is needed and should always include screenshots of exactly what items you are referring to

    3. Repro/Pathaway: Step by step instructions for the developers to get to the section in LMS where the changes are to be completed.

    NOTE: There should always be URLs included in the description or in the Repro/Pathway that direct the developers to the correct location in LMS
    Dev Task Template: 

    Task Name: [Loan #] – Remove Budget and Replace w/ Placeholder 

     

    Developer Description: 

    Please remove the current budget shown below. 

    Please replace the old budget, including all line items, with a placeholder in the amount of ($xxx,xxx). 

    Note: There have been no draws on this loan. 

    (Provide: Screenshot of the Budget Tab in LMS, highlighting the property being updated) 

     

    Repro/Pathway: 

    Pathway to Budget: (URL/Link to Budget Tab for the loan)

    1. Loans 
    2. Loan Details 
    3. Budget 
    4. Delete Approved Budget per description
     

    Pathway to Create Placeholder: 

    Within the Budget tab in LMS: 

    1. Locate the property being updated and click to open details 
    2. Update Loan Budget Template to Placeholder 
    3. Update Loan Budget Status to Placeholder 
    4. Add a line item labeled “Placeholder” with the budget amount specified in the description 

    (Provide: ScreenshotS from the Budget Tab identifying the property and its budget)

    Dev Ticket Visual: